About 400 foreign companies have opened branches and representation offices in the semi-autonomous Kurdistan Region to expand their business in the fast-growing investment market here, Kurdistan Regional Government’s (KRG) Minister of Trade and Industry said.
AKnews reports that about 430 foreign companies registered in 2011 to do business in Kurdistan – an increase of about 30% on the previous year.
Sinan Chalabi [Sinan Çelebi] (pictured), KRG Trade and Industry Ministry, told AKnews:
“The KRG provides all facilities for the foreign companies to encourage more and more of them to come to Kuridstan. Currently, there are 1918 foreign companies working in Kurdistan in all sectors.”
Of this number, more than 60% are from Turkey, with Iran and Lebanon coming second and third respectively.
“Due to the facilities provided by the Kurdistan Region’s Investment Law, more companies have already applied for registration or the opening branches and offices here. Their applications are being carefully examined.”
Kurdistan Region is the hot spot for investment in Iraq since 2003 and is regarded as one of the Middle East’s best growth prospects in 2012. According to statistics released by the Investment Board, the region has attracted some $16.2 billion (19 trillion IQD) in foreign investment over the past five years.